Trump's executive order late Thursday laid out rates to be applied against nearly 70 countries, ranging from 10% to 41% in what a Trump administration official hailed as the beginning of a "new system of trade." The new duties are now set to go into effect on Aug. 7.

President Donald Trump on Thursday formalized the array of high tariff levels and trade deals he has announced in recent weeks, the latest escalation in his attempt to disrupt and reshape the global economic order.

After Canada failed to strike a trade deal with Washington, the president raised tariffs on some Canadian exports this week.